The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1887-12-13
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70 the Congress of the United States. You
confronted at the threshold of your legislative
duties with condition ofthe national finances
which imperatiyely demands immediate and care
full consideration. The amount of money annually
exacted through the operation of the present laws
from the industries and necessities of the people,
largely exceeds the necessary TO meet the ex-
ponses OF the government When we consider that
the theory OF the institutions guarantees to every
citizen the enjoyment OF all the fruit of his industry
and enterprise with only such deduction may be
his share towards the careful and economical
maintenance of the government which pro-
tecis him, 1t is plain that the eXaCtion of
more than this is indefensible oXtortion and cul-
pablo betrayal of American fairness and justice.
This wrong inflicted upon those who bear the bur
den Of national taxation, like other wrongs multi
plies brood OF evil consequences The public treas
ury, which should only exist as a conduit convey
ing the peoples tribute to its legitimate object of
expenditure, becomes boarding place for money
needlessly Withdrawn from trade and the peoples
use thus crippling national energies, suspend
ing our country's development preventing invest
meut IN productive enterprise, threatening financial
disturbance and Inviting schemes Of public pundor.
T6is condition Of our treasury is not altogether new,
aud ii has more than once of late been submitted to
the peoples representatives IN the congress who
alone can apply remedy and yet the situation still
continues with aggravated incidents, more than
ever presaging faanelal CONFUSION and widespread
disaster 1t will not do to neglect this situation be
cause its dangers not now palpaby imminent
and apparent. They exist none the less certainly,
aud await the un ioreseen and unexpected OCCASION
when suddenly they win be precpitated upon us.
On the 3Oth day of June, 1885, the excess Of rev
enues over public expenditures, after complying
with the anutai requirement of the sinking fund,
was Sl7Sj9, 81 during the year ended June 50,
1856 such excess amounted to $500 ,ji5.20; and
during the year ended June 3d. 1887, it reached the
sum of Sb5 a6i $40. a.
The annual contribution to the sinking fund dur
ing the three yeats above specified amounting, in
the aggregate TO Sl3S, Loss, S209l and deducted from
the surplus as stated, made by calling in Tor
that purpose outstanding three per cent bonds of
the government. During the six months prior to
June so, 1857, the surplus revenue had grown so
large by repeated Accommodations and it was feared
the withdrawal of this great sum of money needed
by the people, would so affect the business of the
country that the sum OF S79S 100 of such surplus
was apple to the payment of the principal and inter
est OF the three per cent bonds still outstanding and
eminent.
The previous condition of financial affairs among
the pSople still needing relief, Immediately after
the SON day OF June 1877, the remainder of the
three per cent bonds then outstanding, amounting
with principal aud nter2t to the sum of SIS 81 800
wcrccaotn and applied to the sinking fund c0ntri
hutton for o c current fixed upon. Notwithstanding
these actions OF the treasury department. repre-
sensations of distress in business circles not only
continued, hut Increased and absolute peril seemed
at hand In these circumstances the contribution
to the sinking mud for the current fiscal year was at
once completed lay the expenditure of S2l 6St $3.50
In the pure use Of government bonds, not yet due
bearing four and four and half per cent interest
the premium paid thereon averaging about twenty
four per cent for the former and eight per cent for
the latter In add ton 20 this the interest accyuing
ing bonded indebtedness of the government
was 70 some extent, anticipated and banks select
edns depcst ries of puhiicm money were permitted TO
somewhat increase iheir deposits, while the eNpe-
dients thus empl yed 10 release to the people the
money lyns idle IN the treasury served to avert inn
mediate dangers. But surplus revenues have conf
unuod 20 accumulate the excess for the present
year amounting ON the first day of December, to
SaA4S5ul, lAGnd s-lmated toreach thestim OF 49,
00ON0O on The 2oth of june noNt at which date il is
expected that this sum added to prior accuuula-
ionS will swell the surplus in the treasury TO SliO-
0C0,00O There seems TO be no assurance that with
such q withdrawal from use of the reolleS crculat
ing medium our business community may not.
IN the near future be subjected 20 The same distress
nom the same eause-and while the
functions OF ~ national treasury should be few
and simple aud while its best condition would be
reached, hohoVe by its entire disconnectiou with
/ otits purposes 1t idly holds money iiselessly suh
\ traotcd from the channels OF trade there seems TO
ne reason for the claim that some legitimate means
should be devised by the government to restore I'm
an emergency, without waste or eNtraVagance sucb
money tots pdce among the people,
| In suoh an emergency arises there now exists no
clear and uudaubtod cNcontrio power OF relief
! HERETOFORE the redemption ofthrce per cent bonds
/ which We're payable at the option ofthe govern
I meut has offered a means OF the disbursement of
I the excess OF our feyenues; but these bonds have
all been retired and there aro nohouds outstanding,
/ the payment Of which we have rlght 10 insist
/ upon, The contribution % the sinking hind which
furnishes The occasion for expenditure in the pur.
chase ot bonds. has bcon already made for the cur
rsni yea SO that there IS no outlay In that diroc
! tlOn.
In the present state of legislation the only pre-
teuse ulmy existing executive power 10 restore, at
tMs tame, any part OF our surplus reNcnucs TO the
people by It's Npeudiuro CONS sls In the superstition
that the SECRETARY ot the treasury may enter the
( market aud pulcAa the bonds of the government
rot yet due al rate Of premium 10 be agreed upon.
The only provision OF law from which such power
could l2 derived is found ia an appropriation hill
passed number OF years ago, and IL is subject 10
the Suspicion that tt was lntcu0Ul as Temporary and
/ limited IN rs application, instead OF comforting
/ continuing discretion and authority. No condition
I ought Go exist which would justify the graut of
I power toa single o6lctl-upon his Judgment OF its
nenc sty--t0 Withhold nom or rClcase 60 the bus.
I uc,s az tho pNoplc, IN an unusual manner money
held IN The treasury ANA NUs elect az his VIII the
financial situation of the country, and 81 30 is wise
Z 90 lodge in the sCcretrry OF the treasury tho
I authority. an The present luuciurc, % purchase
bonds ii should De plainly vested and pr0yiici as
/ fan Us possible with slch checks ana limitations as
Will define this oHicial ri2ht and DISCRETION and az
the same time relieve him nom undue RESPONSE
/ Ndty
IN constitution Of the question Of purchasing
bonds means of restoring 20 The circulation the
/ surplus money accommodating IN 10 Treasury, it
should b. borne IL mind that premiums must, Of